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Daily Business News Brief July 21, 2022


Zenith Bank, others move to boost non-oil exports – Thisday
Zenith Bank Plc and other stakeholders in the financial have called for support of Nigeria’s non-oil export sector. A statement said they made the call at the 7th annual edition of the Zenith Bank International Trade Seminar with the theme, ‘Unlocking opportunities in Nigeria’s non-oil export business’ in Lagos and was also held virtually on Wednesday. In his goodwill message presentation, the Founder and Chairman of Zenith Bank Plc, Mr Jim Ovia, called for a concerted effort towards diversifying Nigeria’s export base through the promotion of non-oil exports.Read More
Bakers halt bread production Thursday over skyrocketing costs – Punch
Bakers under the aegis of the Premium Breadmakers Association of Nigeria have announced plans to halt production of their products, effective Thursday.  According to a statement signed by the President of the association, Emmanuel Onuorah, operating a bakery in Nigeria has become almost impossible as the incessant increases in the prices of baking materials and diesel have affected the industry negatively.  Onuorah said bakeries were running in losses and the situation was no longer sustainable.Read More
Blackouts as grid collapses from 3,922 to 50MW – Thisday
Despite the shortened trading week due to two-day public holidays, the stock market of the Nigerian Exchange Limited (NGX) halted its profit-taking streak by investors as Airtel Africa Plc added 10 per cent or N173.20 to close at N1905.40 per share. With about N650.9billion gain in Airtel Africa market capitalisation, the overall market capitalisation added N355billion to close at N28.185trillion the market opened for trading on Wednesday from N27.803trillion it closed for trading on Friday. Read More
Airlines plan route cut over rising fuel price – Thisday
Domestic airlines have concluded plans to dump less-viable routes as skyrocketing aviation fuel prices cause more flight disruptions amid dwindling revenue and rising cost of operations. Some of the less-lucrative routes are Sokoto, Katsina, Yenogoa, Kebbi, Gombe, Yola, Maiduguri, Bauchi, Ilorin, Jos, Ibadan, Calabar and Akure.  Jet A1 has hit an all-time high of N822/litre in Lagos,  N859/litre in Abuja, N852/litre in Port Harcourt, N890/litre, and N892/litre in Yola and Maiduguri respectively.Read More
Confusion as N179/litre fuel price controversy worsens – Punch
A document displaying the costs of Premium Motor Spirit, popularly called petrol, in various regions of Nigeria is causing confusion among PMS consumers as the Federal Government remained mute about the matter on Tuesday.  Although some operators in the downstream oil sector alleged that the fuel prices  were approved by government, many others debunked the allegation on the grounds that the document had yet to be confirmed officially. . Read More
fake richard mille
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